Published on 12/17/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $948,000 autocallable equity notes on Roku, Stamps.com, Tesla
By Kiku Steinfeld
Chicago, Dec. 17 – Citigroup Global Markets Holdings Inc. priced $948,000 of 18.74% autocallable equity-linked notes due Dec. 15, 2021 linked to the worst performing of the common stocks of Roku, Inc., Stamps.com Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be guaranteed by Citigroup Inc.
If all stocks close at or above their initial levels on any monthly potential autocall date starting after three months, the notes will be automatically called at par plus the coupon due.
If the notes have not been called and final levels of each stock is greater than or equal to 50% of the initial level, the payout will be par plus the final coupon.
If the worst-performing stock finishes below its barrier level, investors will be fully exposed to losses of the worst performer, payable either in shares or cash.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable equity-linked securities
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| Underlying stocks: | Roku, Inc., Stamps.com Inc. and Tesla, Inc.
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| Amount: | $948,000
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| Maturity: | Dec. 15, 2021
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| Coupon: | 18.74%, payable monthly
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| Price: | Par
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| Payout at maturity: | If the final levels of all three stocks finish above their barrier levels, par plus coupon; otherwise, full exposure to losses of worst performer, payable in cash or shares
|
| Call: | Automatically at par plus coupon if all stocks close above their initial value on any monthly potential autocall date after three months
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| Initial levels: | $321.99 for Roku, $203.02 for Stamps and $627.07 for Tesla
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| Barrier levels: | $160.995 for Roku, $101.510 for Stamps and $313.535 for Tesla, 50% of initial levels
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| Equity ratios: | 3.10569 for Roku, 4.92562 for Stamps and 1.59472 for Tesla
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 15
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17328NBN7
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